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Prime time to invest in holiday homes

02 September 2009 Reporter

Cashed up Australians have the chance to buy their dream holiday home thanks to a slide in property values in some key holiday hotspots.

Raine & Horne Palm Beach principal Glenn Lee told The Australian that values have plunged by more than 20 per cent in some pockets of well known holiday hot spots including Palm Beach.

“From a buyer's point of view, these opportunities to get into a market like this probably only come around once or twice in a lifetime,” Mr Lee said.

"There are other people who have done well and who are cashed up and are seeing this as a great time to get back into the market.”

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RP Data residential research director Tim Lawless agreed that now was a great time for investors who are on the verge of buying in.

"There is a fantastic opportunity for those people who were blocked from buying in (because of) the financial situation. There are a lot of those people now who have the ability to be buying into these lifestyle markets,” he said.

Dwelling prices in the popular holiday spot Airlie Beach have also slid dramatically over the past year.

PRDnationwide Whitsunday property consultant Rob Taylor said today buyers could secure a sea view unit at the heart of Airlie Beach from about $350,000 and a house with a reasonable sea view from about $850,000.

While just one year ago, these properties would have fetched $100,000 to $150,000 more.

Prime time to invest in holiday homes
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